Tietoenator
TietoEnator Corporation and AttentiV Systems Group plc have agreed the terms of a cash offer to be made by TietoEnator for the entire issued and to be issued share capital of AttentiV. AttentiV is an experienced provider of software solutions and associated services to the financial service sector in the UK and is listed on AIM (Alternative Investment Market).
TietoEnator intends to offer 71 pence for each AttentiV share, making a total offer value of approximately £46.6 million (around 67.9 MEUR). The directors of AttentiV intend unanimously to recommend that AttentiV shareholders accept the offer.The proposed transaction forms a part of TietoEnator's strategy of expanding its Banking & Insurance business globally. This business has several customers among the top-tier UK banks, but does not currently have a significant local presence in the UK. The acquisition will give TietoEnator this presence along with the opportunity to build upon AttentiV's valued customer base. As AttentiV's products and TietoEnator's global banking solutions are to a large extent complementary, the combination of the two businesses will create a highly attractive offering to the entire UK banking industry.
Experian
Experian has acquired QAS, the address management software company, for £106m to create the UK's market leader in data integrity services.
QAS will trade as QAS, an Experian company, with the buy-out including £16m of cash reserves. The company has achieved growth since it was established in 1990 and has revenues of £49m in the year to June 2004 and 8,000 customers worldwide.
David Coupe, managing director of Experian's marketing services division, said: "Experian has acquired QAS because there is a strong strategic fit between the two organisations.
"QAS is the UK's leading address management software provider and Experian offers the most comprehensive range of data quality services in the marketplace. Working together, both companies will bring to the market sophisticated data integrity solutions - further enhancing the quality of our clients' data."
Experian and QAS will support more than 10,000 clients in the UK alone.
The deal follows a string of recent acquisitions for Experian, including email marketing firm Cheetahmail and Ireland Direct Communications, the direct and data specialist.
IDE Vision
We advised on the acquisition of the business and assets from Elektron Eye Technology by IDE Vision. The principal asset acquired is the MPSII, which was the world’s first commercially viable, patent-protected macular pigment measurement device which is used to determine the state of the macular pigment and has been shown to indicate the level of risk of a person developing Aged Related Macular Degeneration.
IDE Vision is led by David Smith, a medical devices industry veteran of over 25 years and previously the CEO of Elektron Eye Technologies. He has also held other senior roles at Coopervision, Carl Zeiss, Biocompatibles International plc, Tenaxis Medical Inc and others. David is supported by a senior management team that includes Esben Sorenson, an ophthalmic industry veteran with experience at Coopervision, Visaq, MESL and Ciba Vision.
David Smith has stated that “IDE’s vision is to develop the business internationally and to transition towards offering value-added easy to use and patient friendly systems which includes testing, selling supplements and monitoring the patient.”
The transaction was led by Regent Assay with Moore Barlow providing legal support.
Bowedene
Regent Evolution advised the shareholders of Bowedene Ltd in the acquisition of Hallam Plastics from Princedale Group plc.
Hallam specialises in the production of large plastic mouldings using Engineering Structural Foam (ESF) technology.
Business Post Group Plc
Business Post Group plc, one of the UK’s leading express delivery companies, announces the acquisition of Weaver (Four Oaks) Limited, trading as Weaver Pallet Express (‘Weaver’), a Midlands-based express palletised goods delivery business.
On a pro forma basis in the 12 months ended 31 March 2003, Weaver achieved turnover of £16.2m and profit before interest and tax of £1.2m. Weaver’s pro forma debt-free net assets at 31 March 2003 were £2.1m.
Weaver provides a nationwide express pallet delivery service through a partnership network of 70 independent haulage businesses throughout the UK. Run from a national hub at Fradley Park, Lichfield, Weaver handles more than 3,000 pallets a day and is estimated to be the UK’s fourth largest pallet network company. The UK pallet network market is experiencing growth of more than 30% p.a.
The consideration consists of an initial amount of £9.0m and a deferred amount of up to £3.5m, dependent on the performance of Weaver in the year ending 31 March 2004. The deferred consideration will consist of cash and shares in equal proportions, and the maximum deferred consideration will be payable if profit before interest and tax reaches £2.0m. The acquisition is expected to be earnings enhancing in the current financial year. The management team will remain with the business and the vendors have undertaken to retain the consideration shares for a period of at least two years.
Commenting on the acquisition, Business Post Chairman Peter Kane said “the acquisition of Weaver represents further progress in the implementation of our strategy by bringing critical mass to our own pallets business, UK Pallets. This now gives us strong representation in all of our chosen markets for time-definite deliveries”.
Business Post Chief Executive Paul Carvell added “the pallet network market is a relatively new but rapidly growing part of the express delivery sector. We are excited about working with Weaver’s management to introduce the skills and experience we have developed over 30 years in the parcel market to one of the major players in pallet deliveries. Over the next few months, Weaver’s business will be rebranded as UK Pallets and will provide further cross-selling opportunities across the Group’s enlarged customer base”.
A team led by Partner, Mike Simson originated the transaction and we acted for Business Post in structuring and negotiating the transaction.
Umeco
West Midlands based aerospace group, Umeco is paying up to 20 million euros to acquire northern Italy-based Provest, a small Italian aerospace manufacturer of electrical and mechanical parts. The family-owned Provest, which counts helicopter-maker Agusta Westland as a client, has a turnover of 15 million euros.
We advised Umeco on the transaction.
Searchflow
Online conveyancing search service SearchFlow has announced that it is to acquire its majority shareholder ESRI (UK) stake, giving the SearchFlow management full ownership of The Conveyancing Channel, the licensed provider of the National Land Information Service.
SearchFlow was the UK’s first online service for conveyancing searches and was given three years exclusivity to allow it to build the new market and stimulate Local Authority involvement. The transaction was funded by Barclays Ventures.
Stephen Bennett and Mike Simson advised Searchflow on the transaction.
MICE Group Plc
MICE Group is an international marketing services group providing experiential marketing solutions to the world's leading brands.
SAMES is a London based business providing refurbishment, interior fit out and maintenance services to institutional property owners.
Mike Simson of Regent Assay initiated the transaction and advised Aim listed Mice Group on the acquisition of SAMES.
Masternaut
Masternaut has acquired three X Mobile Solutions, the division of GE specialising in mobile computing technology for business.
Regent Assay acted for Masternaut on the acquisition.
Gemserv
Gemserv announced today that it has acquired Red Island Consulting, an international market leader in the provision of Information Security and Management System Solutions.
The increasing transfer and retention of information, and the paramount need to protect customers’ details, means there has never been a greater need for organisations to implement robust procedures in handling confidential data. Red Island Consulting works with businesses and public sector organisations to help them manage information security risks and to develop effective management systems to meet the requirements of industry, national and international standards, including ISO27001.
Nigel Bromley, Gemserv’s Chief Executive, in announcing the acquisition said:
“This acquisition fits with our strategic vision that every market works effectively and with integrity. Red Island’s expertise will enable Gemserv to enhance its capability to support both private and public sector companies. It is a leading market player in a strong market and Gemserv welcomes the opportunity to offer these additional services to our clients.”
Red Island’s expertise has enabled it to support organisations both in the UK and internationally in achieving ISO27001 and as such has been responsible for nearly a fifth of all ISO27001 certifications in the UK over the past 4 years (as assessed by UKAS accredited auditors). Red Island operates globally and adopts a delivery focused approach, whereby it guarantees clients will achieve certification or maintain compliance where its recommendations are implemented.
Red Island also provide its clients with expert advice in the fields of risk management, data protection, civil contingencies, Payment Card Industry data security standards, business continuity management and ISO9001.
Gemserv is a London based consultancy providing services primarily to the utility, environmental and regulated sectors. Its services include market design, governance, secretariat and audit/assurance. These services span gas, metering, electricity, water, environment and other regulated markets.
Partner, Mike Simson led a team which carried out a strategic acquisition search for Gemserv and advised the Directors on the acquisition of Red Island Consulting.